Carnarvon Petroleum (ASX:CVN) has been granted an ASX trading halt relating to an update on the Apache Corporation (NYSE:APA) operated Phoenix South-1 well in the North West Shelf off Western Australia.
The halt will last until the earlier of the announcement being made or commencement of trade on 18 August 2014.
The company had earlier this week advised that Apache was running wireline formation evaluation tools in the well, which had intersected a number of sandstone intervals with elevated gas readings and indications of associated liquid hydrocarbons.
Phoenix South-1 is being funded by Apache and Nippon to a cap of US$70 million though the first side track could cost Carnarvon around $6 million if this limit is exceeded.
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